In preparation of the new accounting system, a fixed asset purge is scheduled to take place on 03/17/2014. The purge is the first step in cleansing AFIS fixed asset data before transitioning to the new accounting system. The goal is for the records in AFIS to reflect your agency’s assets. The pre-purge report, DAFR4450, will be available in Control D on 03/04/2014. It is highly recommended that agencies review their pre-purge report to ensure record retention requirements are met.

The second step is a fixed asset cleanup. A DAFR8370 report will be sent to every agency with a complete list of all assets in the AFIS Fixed Asset Subsystem (FAS). It is recommended that you review this list and begin making necessary corrections as soon as possible. A daily review of the fixed asset suspense report, the DAFR4441, is also advised.

Records relating to the acquisition or disposal of fixed assets must be retained for the longer of Federal or State requirements. Federal requirements can be determined by reference to the grant that provided the funds or by contacting the appropriate cognizant agency. State requirements, as established by the Secretary of State, Division of State Library, Archives and Public Records (General Record Retention Schedule # 000-12-25) are that such records be retained for the later of three years after the disposal or six years after the acquisition of the underlying property.